Ethereum extended its rally towards the $3,650 level versus the United States Dollar. ETH price is correcting gains, but dips are likely to remain limited below $3,500.
- Ethereum began a fresh boost above the $3,600 resistance level.
- The price is now trading above $3,500 and the 100 hourly simple moving average.
- There was a break listed below a contracting triangle with assistance near $3,580 on the per hour chart of ETH/USD (information feed through Kraken).
- The pair could start a fresh increase as long as it is above the $3,500 level.
Ethereum Price Remains Supported
Ethereum stayed in a favorable zone above the $3,500 resistance zone. ETH was able to climb above the $3,600 level and the 100 hourly simple moving average.
The rate even increased above the $3,600 level, but there was no benefit extension. Ether traded as high as $3,652 before it started a downside correction. There was a break listed below the $3,600 level. The rate traded listed below the 23.6% Fib retracement level of the upward relocation from the $3,343 swing low to $3,652 high.
There was also a break below a contracting triangle with support near $3,580 on the hourly chart of ETH/USD. The rate is now combining near the $3,550 level. An immediate resistance on the upside is near the $3,580 level. The initially significant resistance is near the $3,600 level.
The next major resistance is near the $3,650 level, above which the price might accelerate higher. In the mentioned case, the rate might perhaps increase towards the $3,700 level. The next key resistance could be $3,800. Any more gains could lead the price towards the $3,880 level.
Dips Limited in ETH?
If ethereum stops working to continue greater above the $3,600 and $3,650 resistance levels, it could extend its decrease. An initial support on the downside is near the $3,550 level.
The initially essential assistance is now forming near the $3,500 level and the 100 per hour basic moving average. It is close to the 50% Fib retracement level of the upward move from the $3,343 swing low to $3,652 high. Any more losses could lead ether rate towards the $3,450
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly moving in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now listed below the 50 level.
Major Support Level – $3,500
Major Resistance Level – $3,650
